-----BEGIN PRIVACY-ENHANCED MESSAGE-----Proc-Type: 2001,MIC-CLEAROriginator-Name: webmaster@www.sec.govOriginator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQABMIC-Info: RSA-MD5,RSA, GNlvrK1ouy228luxDa2ggTrIbmslB2dlHlFWX6BeuRg8ofz79CsKSJrgtuul9BbA PQnk3j3zpu1kq1SjDkH5Zg==

0000950123-11-014388.txt : 201102160000950123-11-014388.hdr.sgml : 2011021620110215192419ACCESSION NUMBER:0000950123-11-014388CONFORMED SUBMISSION TYPE:FWPPUBLIC DOCUMENT COUNT:31FILED AS OF DATE:20110216DATE AS OF CHANGE:20110215

SUBJECT COMPANY:

COMPANY DATA:COMPANY CONFORMED NAME:Ford Credit Floorplan Master Owner Trust A Series 2011-1CENTRAL INDEX KEY:0001513080STANDARD INDUSTRIAL CLASSIFICATION:ASSET-BACKED SECURITIES [6189]STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:FWPSEC ACT:1934 ActSEC FILE NUMBER:333-148505-04FILM NUMBER:11615645

BUSINESS ADDRESS:STREET 1:ONE AMERICAN ROADCITY:DEARBORNSTATE:MIZIP:48126BUSINESS PHONE:313-594-3495

MAIL ADDRESS:STREET 1:ONE AMERICAN ROADCITY:DEARBORNSTATE:MIZIP:48126

FILED BY:

COMPANY DATA:COMPANY CONFORMED NAME:Ford Credit Floorplan Master Owner Trust A Series 2011-1CENTRAL INDEX KEY:0001513080STANDARD INDUSTRIAL CLASSIFICATION:ASSET-BACKED SECURITIES [6189]STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:FWP

BUSINESS ADDRESS:STREET 1:ONE AMERICAN ROADCITY:DEARBORNSTATE:MIZIP:48126BUSINESS PHONE:313-594-3495

MAIL ADDRESS:STREET 1:ONE AMERICAN ROADCITY:DEARBORNSTATE:MIZIP:48126

FWP1k50062p3fwp.htmFWP

fwp

FreeWriting Prospectus
Filed Pursuant to Rule 433
Dated February 15, 2011
Registration Statement Nos. 333-148505, 333-148505-01 and333-148505-04

Ford Credit Floorplan Master Owner Trust A

Series 2011-1 Class A Notes Roadshow

February 2011

1

1

FREE WRITING PROSPECTUS

Registration Statement Nos. 333-148505, 333-148505-01 & 333-148505-04

Ford Credit Floorplan Corporation and Ford Credit Floorplan LLC (the"depositors")

Ford Credit Floorplan Master Owner Trust A (the "issuer")

This document constitutes a free writing prospectus for purposes of theSecurities Act of 1933. The depositors have filed a registration statement(including a prospectus supplement and a prospectus) with the SEC for theoffering to which this communication relates. Before you invest, you shouldread the prospectus supplement and the prospectus in the registrationstatement and other documents the depositors have filed with the SEC formore complete information about the depositors, the issuer and this offering.You may get these documents for free by visiting EDGAR on the SEC websiteat www.sec.gov. Alternatively, the depositors, any underwriter or any dealerparticipating in the offering will arrange to send you the prospectussupplement and the prospectus if you request it by calling BNP ParibasSecurities Corp. toll-free at 800-854-5674, Deutsche Bank Securities Inc. toll-free at 800-503-4611 or RBS Securities Inc. toll-free at 866-884-2071.

2

2

AGENDA

Transaction and Master Trust

Ford Business

Ford Credit Floorplan Business

Dealer Structure

Servicing and Risk Management

Summary

3

3

TRANSACTION PARTICIPANTS AND TIMING Transaction Participants Issuer Ford Credit Floorplan MasterOwner Trust A (the "Trust") Depositors Ford Credit Floorplan CorporationFord Credit Floorplan LLC Servicer and Sponsor Ford Motor Credit Company LLC Lead Managers BNP Paribas Securities Corp.Deutsche Bank Securities Inc.RBS Securities Inc.

Accountants PricewaterhouseCoopers LLP Indenture Trustee The Bank of New York Mellon Owner Trustee U.S. Bank Trust, N.A. Back-up Servicer Wells Fargo Bank, N.A.

Expected Timing Price TransactionOn or around February 16 Settle TransactionOn or around February 24

4

4

TRANSACTION STRUCTURE

Transaction StructureTransaction Structure Principal Amount - Class A Notes $500,000,000 Expected Rating (S&P / Moody's / Fitch) AAA / Aaa / AAA Average Life to Expected Maturity Approximately 3 years Fixed / Floating Fixed (A-1) and Floating (A-2)(sized to demand,$150,000,000 minimum class size)

Payment Frequency Monthly Expected Final February 15, 2014 Legal Final February 15, 2016 ERISA Eligible Yes Method of Distribution Public Benchmark Interpolated Swaps (Fixed)1M Libor (Floating)

5

5

INVESTMENT HIGHLIGHTS

The primary asset of the trust is a revolving pool of receivables originated indesignated accounts established by Ford or Ford Credit with motor vehicle dealers topurchase and finance their new and used car, truck and utility vehicle inventory

Master owner trust structure

Dealers diversified geographically across the United States

2% concentration limit for each dealer or dealer group (5% for AutoNation, Inc.)

2011-1 structure is consistent with 2010-5

Structural Changes in 2010-5:

Added payment rate trigger layer of 25% (if this trigger is breached, subordinationfactor steps up 4 percentage points or reserve fund increases by same amount asrequired subordination increases)

Reduced concentration limit from 6% to 2% for other manufacturers rated at orlower than BBB+, Baa1, BBB+ from S&P, Moody's and Fitch, respectively

Hard Credit Enhancement (% of receivables): 2011-1 2010-5 2010-3 2010-1 2006-4 Class B Notes 2.00% 2.00% 2.00% 5.00% 5.00% Class C Notes 7.50% 7.50% 7.50% 7.50% - Class D Notes 3.50% 3.50% - - - Required Subordinated Amount 12.00% 12.00% 19.50% 19.50% 10.50% Required Reserve Fund 0.88% 0.88% 0.81% 0.81% 0.90% Total AAA Enhancement 25.88% 25.88% 29.81% 32.81% 16.40%

6

6

KEY AMORTIZATION TRIGGERS

Average monthly principal payment rate for the three preceding collectionperiods is less than 21%

The cash balance in the Excess Funding Account exceeds 30% of theadjusted invested amount of all series for three consecutive months

The available subordinated amount is less than the required subordinatedamount

Bankruptcy of a depositor, Ford or Ford Credit (Chapter 7 or Chapter 11)

7

7

Ford CreditFloorplan LLC

(Depositor)

The Bank of NewYork Mellon

(Indenture Trustee)

Ford CreditFloorplan Corp.

(Depositor)

Ford MotorCreditCompany LLC

(Sponsor,Servicer andAdministrator)

Ford MotorCompany

Wells Fargo

Bank, N.A.

(Back-up Servicer)

Ford CreditFloorplan MasterOwner Trust A(MOTA - Issuer)

Outstanding

Series

FLOORPLAN TRUST LEGAL STRUCTURE

8

8

FLOORPLAN FUNDING OVERVIEW

Ford Credit has had a publicly registered securitization program for dealer floorplanreceivables since 1992

Ford Credit's current master trust was established in 2001 and 96% of Ford Credit'sfloorplan portfolio is designated to the Trust as of December 31, 2010

Ford Credit is a regular issuer of floorplan ABS and issues:

Publicly registered or Rule 144A term notes

Privately placed term and variable funding notes Funding as of December 31, 2010 Funding as of December 31, 2010 Outstanding Term Notes: Outstanding Variable Funding Notes: Series 2006-4: Public 5-year, $2.25 billion Series 2009-2: Public 3-year, $1.50 billion Series 2010-1: 144A 3-year, $1.48 billion Series 2010-2: 144A 5-year, $0.25 billion Series 2010-3: 144A 5-year, $1.13 billion Series 2010-5: Public 3-year, $0.59 billion Series 2006-1: Private $0.00 billion of $2.15 billion Series 2006-6: Private $0.60 billion of $1.50 billion Series 2010-4: Private $0.15 billion of $0.50 billion Total Term Notes: $7.20 billion Total Variable Notes: $0.75 billion of $4.15 billion

Total Funding $7.95 billion

Total Assets $11.62 billion

Unfunded Assets $1.70 billion

9

9

Payment Rate

Payment Rate Triggers

3 Month Average of Monthly Principal Payment Rate

Oil and CreditCrisis / GlobalRecession

PrincipalPayment Rate

Derived DaysSupply fromPayment Rate

Inventory Management

"Cash for Clunkers"Program

MONTHLY TRUST PRINCIPAL PAYMENT RATES

10

10

Floorplan Trust Balance(Excluding EFA)

Cash funding required as a resultof low trust balance*

Required PoolBalance

Excess Funding Account (EFA) has been funded periodically when the trustbalance declines below the required pool balance (for example, as a result of plantshutdowns or manufacturer vehicle marketing incentive programs)

Note: As of December 31, 2010, the Trust balance was $11.62 billion

FLOORPLAN TRUST BALANCE

PLAN

Continue implementation of our global plan

Aggressively restructure to operate profitably at the current demand andchanging model mix

Accelerate development of new products our customers want and value

Finance our plan and improve our balance sheet

Work together effectively as one team -- leveraging our global assets

11

+

+

=

"Turbo Machine"

Asia Pacific

& Africa

Americas

Europe

Small

Medium

Large

12

FORD 2010 HIGHLIGHTS

$8.3 billion in pre-tax operating profit, excluding special items*

$4.4 billion in operating-related cash flow

Ford had the first back-to-back market share increase in the U.S. since 1993with share increasing from 14.2% to 16.4% in last two years

Ford brand ranked highest among all non-luxury brands in the 2010 J.D.Power & Associates Initial Quality Survey

Further strengthened balance sheet with $14.5 billion in debt reductions

Auto liquidity of $27.9 billion at year end

On February 10, 2011, announced plans to reduce auto debt by anadditional $3 billion through a trust preferred securities redemption

Ford Credit pre-tax operating profit of $3.1 billion and available liquidity of$23 billion

In 2011 Ford Plans to Deliver Improved Year over Year TotalCompany Pre-tax Operating Profit Despite Lower ExpectedContribution from Ford Credit

* See www.ford.com for special items

Automotive specialist withvested interest in Ford dealersuccess

Training and consulting

Consistent market presence

Fast, flexible, quality service

Full array of products

Incremental vehicle sales

13

Moreproducts,

faster

Higher customer satisfaction andloyalty

Profits and dividends

Trusted brand

Access to dealer channel

Exclusive marketing programs

FORD CREDIT'S VALUE PROPOSITION

14

14

FLOORPLAN BUSINESS OVERVIEW

Ford views Ford Credit as a long-term strategic asset whose mission is toprofitably and consistently support the sale of Ford vehicles around theworld

Floorplan financing is a cornerstone product for Ford Credit that buildsdealer satisfaction, develops long-term relationships and delivers aconsistent source of profitability

Floorplan financing is primarily provided for factory purchases of newvehicles directly from the manufacturer - approximately 90%

Ford Credit also provides in-transit financing for all Ford vehicles whichaccount for approximately 19% of this number as of December 31, 2010

Floorplan financing is also provided for used vehicles, including off-leasevehicles, customer trade-ins and auction purchases

Ford Credit provides financing for 81% of Ford and Lincoln dealers

15

15

FLOORPLAN FINANCE TERMS

Advance rates

New (untitled) vehicles - 100% of invoice amount, including destinationcharges and dealer holdback

Auction vehicles - auction price plus auction fee and transportation costs(if arranged by auction or third party)

Used vehicles - up to 100% of wholesale value (as determined byselected trade publications)

Floorplan interest rate (prime floor of 4%)

New vehicles* - generally prime rate plus 1.5%

Used vehicles - prime rate plus 2.0%

In-transit vehicle adjustment fee

Prime rate plus 0.30%

Payment terms

Principal due generally upon sale of related vehicle

Interest and other administrative charges payable monthly in arrears

* Certain vehicles are financed at new vehicle rates including demonstration, service loanerand "program" vehicles

16

16

TYPICAL DEALERSHIP STRUCTURE

Structure

Dealerships vary in size andcomplexity - from single lot tomulti-point / multi-franchiseorganizations

Many dealers use a holdingcompany structure similar to theone shown here. In most cases,Ford Credit obtains guaranteesat all levels of ownership

Collateral

The financed vehicles are theprimary collateral for dealerfloorplan loans

For most dealers, Ford Creditalso obtains personalguarantees and secondarycollateral in the form ofadditional dealership assets,including dealership adjustednet worth, and real estate equity

Dealers have significant "skin inthe game" which provides astrong incentive for dealers torepay floorplan loans

Assets

Stocks, bonds, cash

Non-dealership real estate

Other assets, for example,boat, plane, jewelry andfurniture

Assets

Unfloored used

inventory

Furniture, fixtures,parts, accessoriesand equipment

Dealership networth

Assets

Land

Buildings

Personalguarantees

from mostdealers

DealerPrincipal

SecondaryCollateral

Holding Company

Real EstateHoldingCompany

Dealership

(Borrower)

SecondaryCollateral

SecondaryCollateral

Primary Collateral

Financed new andused vehicles

17

DEALER PERFORMANCE

Dealers incurred significant stress in 2008 and 2009 as a result of rapid fuelprice increases, segment shifts and the global recession

During this period the average Ford dealer was profitable

New vehicle sales are a dealership's primary revenue source, but theycontribute less than 10% to profitability. Most dealers derive the majority oftheir profits from used vehicle sales, parts, service and body shop. Theseprofit sources would likely continue in a stress scenario

Ford Credit provides floorplan loans to some Ford dealers that also havecompetitor franchises, including dealers where the automotivemanufacturer declared bankruptcy. Ford Credit experienced no losses onfloorplan loans to these dealers

18

18

Judgment

Knowledge

Experience

Intellect

Analysis

Low Variability

Consistent Approvals

and Risk Management

High Quality Decisions

CentralizedProcess/Documentation

Technology

Speed

Efficiency

Control

Commonality

Process

Discipline

Accountability

ORIGINATION AND SERVICING ENGINE

Technology and Judgment Combine to Minimize Losses

19

19

DEALER RISK RATING

A proprietary scoring model is used to assign a risk rating to each dealer. Dealerrisk ratings are categorized into the following groups:

Group I - strong to superior financial metrics

Group II - fair to favorable financial metrics

Group III - marginal to weak financial metrics

Group IV - poor financial metrics, may be uncollectible

Other - Includes dealers that have no dealer risk rating because Ford Credit onlyprovides in-transit financing or because Ford Credit is in the process ofterminating the financing for such dealer

Large sample size and significant historical experience have been analyzed toidentify key indicators that predict a dealer's ability to meet its financial obligations

Key indicators include capitalization and leverage, liquidity and cash flow,profitability and credit history

Risk rating is based on the dealership and does not take into account the personalguarantees or net worth of the owners

The scoring model is validated to ensure integrity and performance of the model andis updated if necessary

Model concordance validated monthly

Model last updated in December 2008 to provide improved ability to rank orderdealers and improved predictability of status declaration

Monthly Accounts Review (MAR) provides a monthly rating for each dealer whichdetermines appropriate intensity and frequency of dealer monitoring

20

20

* Other includes dealers that have no dealer risk rating because Ford Credit only provides in-transit financingor because Ford Credit is in the process of terminating the financing for such dealer

U.S. Wholesale Portfolio Dealer Risk Ratings

DEALER RISK RATINGS

Dealer Risk Ratings have Significantly Improved with Group IDealers at 71.9% at Year End 2010 Compared to 58.1% and42.6% at Year End 2009 and 2008, Respectively

21

DRIVERS OF IMPROVED DEALER RISK RATINGS

Overall strong Ford performance and profitability

Great new products that are leading in quality, fuel efficiency, safety,smart design and value

Improved market share in U.S. (14.2% to 16.4% in last two years)

Strong pricing position, margins, and residual values

Like Ford, dealers restructured during crisis to be profitable at significantlylower industry volumes

Both Ford and its dealers are stronger having survived the crisis

Goal is to work together with our dealers on a U.S. dealer network that bestserves our customers. Year-end dealer count as follows: 2010 2009 2005 3,424 3,553 4,396

We Will Continue to Work Together to Make Ford and

Our Dealers Stronger and More Profitable

22

Liquidation

22

Monitor

DEALER CREDIT STRATEGY

Dealers

Watch Report

Status

MARdirectedactionplans

Monitor

Payoffs

Aged Inventory

Overline Report

Financial Statements

Monthly Accounts Review

Statistical analysis of dealer financial andfloorplan trends to identify mitigatingactions required

Dashboard - Medium to Low Risk

Trigger based action plans

Watch Report - Medium to High Risk

Formal review and action plans whichmay include accelerated physical audits

Intensive Care Unit (ICU) - High Risk

More experienced risk team

Increased intensity surrounding actionplans and timelines

Status

On-site control

Focus on asset protection

Liquidation

Focus on loss mitigation

Risk Rating

Credit File Review

Dashboard TrendReport

No Further Action

Monthly Accounts Review (MAR)

Dashboard

ICU

23

23

INVENTORY AUDITS

On-site vehicle inventory audits are performed based on a dealer's riskrating

Ford Credit engages a vendor to perform on-site vehicle inventory audits

Dealer receives no advance notice

Strict restrictions on how often the same auditor may lead a dealer's audit

Ford Credit reconciles each audit

Immediate payment is required for any sold vehicle for which Ford Credithas not been paid

Ford Credit maintains a robust quality assurance process to monitor thevendor's performance

vendor's performancevendor's performancevendor's performancevendor's performancevendor's performancevendor's performancevendor's performancevendor's performancevendor's performancevendor's performance

24

24

CAPTIVE FINANCE COMPANY BENEFITS

Other Captive Finance Company Benefits

Access to monthly dealer financial statements allows monitoring of dealer fiscalstrength

Aligned sales, production and inventory objectives between Ford and Ford Credit

On-site dealer monitoring by both Ford and Ford Credit

Joint Ford and Ford Credit discussions with dealers on all aspects of the business

Comparative dealership benchmarking

1.

Dealer FloorplanReceivablesSystem

North American VehicleInformation System

Ford Credit

Ford Motor Company

Dealer

Information on sold vehiclesreported to Ford Credit andmatched to floorplan receivables

Dealer pays offfloorplan receivables

Dealer reports vehicle sale to obtain:

Warranty registration

Manufacturer incentives

Integrated Systems Enable Real Time Controls

2.

3.

25

25

FORD CREDIT ACTIONS

If Ford Credit discovers any issues when monitoring a dealer, it may:

Increase frequency of on-site vehicle inventory audits

Review curtailment options and advance rates

Suspend credit lines

Schedule a working capital audit

Schedule a field credit review

Meet with owners/guarantors

Increase risk rating to trigger more extensive monitoring

Require consignment agreements if not already in place

Discuss with the Ford sales division

26

26

STATUS DEALER PROCEDURES

A dealer status is declared when:

Dealer does not satisfy a sold out of trust condition (payment not remitted to FordCredit upon sale of vehicle) discovered during an audit

Dealer fails to pay principal or interest

Dealer bankruptcy

Any other circumstances that warrant immediate action

Once a status is declared Ford Credit may then:

Suspend credit lines

Maintain Ford Credit personnel on site

Collect titles and keys

Secure dealer inventory

Issue demand for payment letters

Obtain liens on property of guarantors

If Ford Credit does not believe that a dealer can resolve a status situation, FordCredit will:

Liquidate vehicles and any available secondary collateral to obtain greatest value

Continue collection efforts against personal and corporate guarantors

Should liquidation be necessary, inventory is disposed through the followingchannels:

Transfer of vehicles to other dealers

Repurchase by manufacturer and redistribution to other dealers

Sale of vehicles at auction

27

27

FLOORPLAN PORTFOLIO PERFORMANCE

(1) This table excludes in-transit receivables and, for any period prior to June 30, 2006, any receivables originated by Ford Credit's Volvo Car FinanceNorth America division and its predecessors.

(2) Average principal balance is the average of the daily principal balances for the period indicated.

(3) Net losses in any period are gross losses, including actual losses and estimated losses, less any recoveries, including actual recoveries and reductionsin the amount of estimated losses, in each case, for such period. This loss experience takes into account financial assistance provided by Ford todealers in limited instances. If Ford does not provide this assistance in the future, the loss experience of Ford Credit's dealer floorplan portfolio may beadversely affected. This loss experience also reflects recoveries from dealer assets other than the financed vehicles. However, because the interest ofthe trust in any other dealer assets will be subordinated to Ford Credit's interest in such assets, the net losses experienced by the trust may be higher.

(4) Liquidations represent monthly cash payments and charge-offs that reduce the principal balance of a receivable.

(5) The trust has not experienced a loss on any receivable during the indicated periods, primarily as a result of Ford Credit choosing to remove anyreceivables relating to accounts that are redesignated from the trust because they have been classified as status. However, Ford Credit is not requiredto do so, and there can be no assurance that it will continue to do so in the future.

FordCreditPortfolio

Trust

Loss Experience of Ford Credit's Dealer Floorplan Portfolio (1)

Historical Floorplan Losses Show the Positive Effect of Ford Credit'sProcesses and the Experience of Ford Credit's Personnel

28

28

SUMMARY

Structure - Series 2011-1 Class A Notes

25% subordination (as a percentage of receivables) comprised of subordinatebonds and overcollateralization

1% cash reserve (as a percentage of initial note balance)

Multiple amortization triggers combined with fast turning assets provide forrepayment of notes at the onset of adverse events

Enhancement increases if 25% payment rate trigger is breached

Strong Servicing and Risk Management

Continuous monitoring and early detection to minimize losses

Proprietary risk rating model

Leverage access to dealer information through relationship with manufacturer

Aligned sales, production and inventory objectives between Ford and Ford Credit

Comprehensive plan to service the Trust assets in a severe stress scenario

Consistent Performance

One year average of monthly payment rates is 46.1%

Portfolio losses have been less than 7 basis points, and there have been no lossesin the Trust, over the last five years

Our ONE Ford Plan is Working as We Continue to Invest in Best-in-Class ProductsResulting in Market Share Gains and a Stronger Ford Dealer Network

29

29

SAFE HARBOR

Automotive Related:

Decline in industry sales volume, particularly in the United States or Europe, due to financial crisis, recession, geo-political events or other factors;

Decline in or failure to grow Ford's market share;

Lower-than-anticipated market acceptance of new or existing Ford products;

An increase in or acceleration of market shift beyond Ford's current planning assumptions from sales of trucks, medium- and large-sized utilities, or othermore profitable vehicles, particularly in the United States;

Continued volatility of fuel prices or reduced availability of fuel;

Continued or increased price competition resulting from industry overcapacity, currency fluctuations or other factors;

Adverse effects from the bankruptcy, insolvency, or government-funded restructuring of, change in ownership or control of, or alliances entered into by amajor competitor;

Economic distress of suppliers may require Ford to provide substantial financial support or take other measures to ensure supplies of components ormaterials and could increase Ford's costs, affect Ford's liquidity, or cause production constraints or disruptions;

Work stoppages at Ford or supplier facilities or other interruptions of production;

Single-source supply of components or materials;

Restriction on use of tax attributes from tax law "ownership change";

The discovery of defects in Ford vehicles resulting in delays in new model launches, recall campaigns, reputational damage or increased warranty costs;

Increased safety, emissions, fuel economy or other regulation resulting in higher costs, cash expenditures and/or sales restrictions;

Unusual or significant litigation, governmental investigations or adverse publicity arising out of alleged defects in Ford products, perceived environmentalimpacts, or otherwise;

A change in Ford's requirements for parts or materials where it has entered into long-term supply arrangements that commit it to purchase minimum orfixed quantities of certain parts or materials, or to pay a minimum amount to the seller ("take-or-pay contracts");

Adverse effects on Ford's results from a decrease in or cessation or clawback of government incentives related to capital investments;

Adverse effects on Ford's operations resulting from certain geo-political or other events;

Substantial levels of indebtedness adversely affecting Ford's financial condition or preventing Ford from fulfilling its debt obligations;

Ford Credit Related:

A prolonged disruption of the debt and securitization markets;

Inability to access debt, securitization or derivative markets around the world at competitive rates or in sufficient amounts due to credit rating downgrades,market volatility, market disruption, regulatory requirements or other factors;

Higher-than-expected credit losses;

Adverse effects from the government-supported restructuring of, change in ownership or control of, or alliances entered into by a major competitor;

Increased competition from banks or other financial institutions seeking to increase their share of retail installment financing Ford vehicles;

Collection and servicing problems related to our finance receivables and net investment in operating leases;

Lower-than-anticipated residual values or higher-than-expected return volumes for leased vehicles;

New or increased credit, consumer or data protection or other laws and regulations resulting in higher costs and/or additional financing restrictions;

The Dodd-Frank Wall Street Reform and Consumer Protection Act, and the rules and regulations promulgated pursuant to it, could impose significant costson us and adversely affect our ability to fund or conduct our business;

Changes in Ford's operations or changes in Ford's marketing programs could result in a decline in our financing volumes;

Inability to obtain competitive funding;

General:

Fluctuations in foreign currency exchange rates and interest rates;

Failure of financial institutions to fulfill commitments under committed credit and liquidity facilities;

Labor or other constraints on Ford's or our ability to maintain competitive cost structure;

Substantial pension and postretirement healthcare and life insurance liabilities impairing Ford's or our liquidity or financial condition; and

Worse-than-assumed economic and demographic experience for postretirement benefit plans (e.g., discount rates or investment returns).

Statements included or incorporated by reference herein may constitute "forward-looking statements" within the meaning of the Private SecuritiesLitigation Reform Act of 1995. Forward-looking statements are based on expectations, forecasts, and assumptions by our management and involve anumber of risks, uncertainties, and other factors that could cause actual results to differ materially from those stated, including, without limitation:

We cannot be certain that any expectations, forecasts or assumptions made by management in preparing these forward-looking statements will proveaccurate, or that any projections will be realized. It is to be expected that there may be differences between projected and actual results. Our forward-looking statements speak only as of the date of their initial issuance, and we do not undertake any obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. For additional discussion of these risk factors, see Item 1A of Part Iof Ford's 2009 10-K Report and Item 1A of Part I of Ford Credit's 2009 10-K Report as updated by Ford's and Ford Credit's subsequent Quarterly Reports onForm 10-Q and Current Reports on Form 8-K.

GRAPHIC2k50062p3k50062z0001.gifGRAPHIC

begin 644 k50062p3k50062z0001.gifM1TE&.#=A[@(R`O6.EW#A,XWO6T8"K=K6"#0##W'ZT*P"DX4>5``-RG_TB$M\(5?CD3T-^U)_6J#VTYQ(PS_%#9HA=/+C8A?XN+U3P`%(IS^[GG4>S_J2Z@WMU`FBXXEQV1`!ZPD(I).'D0*QX@`0``*[&B0CN1`QX``)+Y"#C@`;9Y$Q0```>PM/9IYCGDP$+EICA(`FA%AF@#`0!910;$"`^9X`+"I4AOQ"^;^R)RM*1VGT`9+M$)Y+T`:1EQ`YRR34"BC;5.0D]HJ4>4`(8Z1;P"[ML/@"N^PL$#?,#I-\U[U:-N81!>9P_IXY)8)X#6AY![(E)M'F/F,V;AZ?=MZ?A$X05EX0'K.7@E["9=Z_6;X%-$SEI%[JIG[JJ)[JMJK[JK-[JKO[JL![KLC[KM%[KMG[KN)[KNK[KO-[KOO[KP![LPC[LQ%[LQG[LMR)[LRK[LS-[LSO[LT![MTC[MU%[MUG[MV)[MVM[K&M#MWN[M&]$Q;!Y!W^[MMHWX1$*`!Y[[M8JG6[-C'$7&9;NVP[,@.8UX1U"G9[#Z6[JZ.@XH1F[NGZ]CDM%['=^SZ5K``*"K_P.6@0\TL!]QSQZUX1`8_FN6:;;\8Y9YUWYKEGGW_^!CIHH8>FNVZ[[\8[;[WWYKMOO_\&/'#!!R>\`D8.BML'''"A\YMJT"3JLT4R"E(1O!J4[Q&3J8,[&D*X3;L6CJBLF$B*T:BUCF@?&@$-A"E`Q((6M0]FU'B,YP_@M8Q,Q"6B0&0H-C0C^C2')O4%)BMS`JQ(SC/N"P1=!0:A0D?J*M"=9HGJ+8-HV`'PHL.E>H*T6KBD?0$K%:)PCP``]8)X78!*`HODT`N*-Z.79@MAT4II*GR@!3S'XL*C7!+.:"`@9>K(#X=(L2P(&M5,N]9"V_D(`#`$S0^*6S2(DG+(L9>J$!P$1*RP^W$!6WY$NFM+`=30(3*1`1".(6GZR,WXA\:O*0Y_,RP,LP^(L>K8`AVX`C^G#HLA2@)11PHMM`3-JI@A@*3(V(S,FT2W=6.WI^NMU7R1`>@G=E`T""C%05&`\A&[WPQ.&G.%M@(L\IM*@'"NDL-P$;&/$$U``+/D`!=B$!#@!!ON%'.*(#0@X>_D%))&)T?#&MH-`."P@XA]'&XZ2-/%"`TF,J%4F`;90`!4"8VYS)/OLSO>#-?K$J]/H_96D>M:5.6@"E,/%'"D;"WW*:P92L0MU+*&P*6_0"HJX=MJRHUWS144I*YJ8PB9M$!>QS;68*$70,*;8R(/84))FPH&\?",+I2[/:CV%P*6`BY;^N_7)O`6-7*2>MVV`'CHFF=I@6IRHA*IDJUL48Q,T5().`#U"9M6(2R.V7:LJ#8L*XP,W19P$-MOP,-'!`5T-U35Z@FDZ)-TZ5)0T,VR'0%"_#*-M)>QR"TC$4S(=1>K"(T.HVZM#;A*"VA##;"MPX6`-D1?8_K>0&G?.=3>V[N1"4"8^1T(5;,*]OTKZA7@`2;@M`C;@`T;@!%;@!6;@!G;@!X;@");@":;@"K;@"\;@#-;@#>;@#O;@#P;A$!;AM$2;A$C;A$T;A%%;A%6;A%G;A%X;A&);A&:;A&K;A&UX:`H%,'"[A\_1+X82+M29C$K7@H*>40XG%-_P%R#$/%#^M&CD"CS40ZX`Q+JB1I3XQ2>M&7_A89FAM)V6QR[5`D2A&60V9W:L0%?LQ5B/;"JOCBH]KC`JT#YWQ$'2F*?HMS[78@E^(T0L8S4F;.^`6R[!E5`\-^4.P[B/Q!HJ"B@2QT[=.EQ"O,K2IV@>BSV`26@4M+,'`1L2E7TDGXLDGVP@-C4VP[5PX:_.+//@X5T#KI/`4N":3.[515=7'Z$4]MM-4E^9#J1(D&0=[+A]-RV?HX0HM,@+[U?0+Y(?X`&`;#)!#V0F]8".MD$R_W5PF50K@&]I1AC5Q$$!Q#@,0''*W0Z*@FFKH"JKMXB7!?:>!2,%N#_1L'SL308I.69"IXZ>&2PB+Q1+#.(!V(!5@Q@"!`#/[IH@HMXUBA9T5L]@EV7[%6@W;,_(LJ]?TM`XSQ2""JZK;6,)>7;Z;*>#&:-U3I\*\&@5R.Y0@R-:R1+@'^@&D2R^^^>J[+[_]^OLOP`$+/##^P04;?##""2N\M,,,-._PPQ!%+/#'%%5M\,M?-D-M[L8)UL=M2ZE-%LUG@`S74E`A=PY"[>(`V'J`?%@.),UZD0`L@`($6M`L$(B?S^X@,R8U94H]6(*8QD3G$-RX3`')\C&:Z\IT-E#*/UHP-TSK9S8%NC71X>4TJ`XQCTN,,KWO&2M[SF/2]ZTZO>];*WO>Y]M+WSC*]_YTK>^]KTO?O.KW_WRM[_^_OTO@`,LX`$3N,`&/C""$ZS@!3.XP0Y^M,(0C+.$)4[C"%KXPAC.LX0USN,,>_C"(0RSB$9.XQ"8^,8I3K.(5L[C%+GXQMC&,LXQG3N,8VOC&.4\LJ:!_'Z%_718O4Z@/Z(0/XM>-?*(#MBH"'6%8"ALD#ZX2-MC^:OIX;J^JS(B4BES.4B5PI0;*#!0AZC+XFT/?WKP!B108``%X`"78.0#H@0#8`8,$0"!(`Y\I(M((C$HD,`$ABR`)`E6(%@`UD4*/``0(:.4PCV&(4A"\%_$2/&(/BBS+Z!*1BNM(+B/83J*P1@ZA`CDA"P9U,`_T:-^D0:S4RE%6.`XW6H(@1_@B$M>3GBR&!#%+&'$4/>3567@8S\R`C$;0>>\IIU*,OGH8G-&2F@4M`#WEQAY/7@5#4)2-102CC#?Z2%!_$H68`8%/@L9AB`#35]%Q&M9528U4^=N9FHN,(,()!]/:@+R(`,B`D1B!\',ZF]TI@:.Z;M&A&%9";C/:P@M2RPB:]U8-@AM8N:^C%=AFD"6ZRKJ.7[6:,*RJ>QX=.%Y1XE08S^GO:/$%J`Q`[JM:M;1FL(B3'F,`SJON/C)G[22(A,I;/!/T`[JM7:9497C,JNW_ZC(1(FP+KH?MT,C/2U&9L(VPTM]Y*XN'GR(`?^[O?^M[P?_\!?_\2?_\C?_\T?_]%?_]6?_]G?_]X?_^)?_^:?_^K?_^\?__-?__>?_M_O?__P>((`('$BQH\"#"A`H7,FSH\"'$B!(G4JQH\2+&C!HW@[X,A!C`-P8SD7]/7#IZ6J-;YA+'RST%B3$`^0"U_BMG:`AKUR0TF17?-C8^(J\K$$IZPWW0&[??3;@'P\TN$%](QZ?V0;QW&^N=(M-MSM0,9@@`-H?QJG>M\=C[LN7`$B2L09L&.%"R6RJD]"63,[XOQ`?5JW/9ES`MM4`%JZO`IO7S/S,=$@"86(0*)`?&!8$`OI1:?EL9"WQ7*P%"#Q5E/2SH[5MM+'R?`\$TYV92$^YR7$G-3Z9"ADQK*5!X'O620(2Z'QU.LZH`J,75@L!TJ*``,Y@$X3EUB+K?G_.W:[[F*5W3]U73-;W88=RW![9^_IWC_CW)M%95CEGS@>UC5?6$&'(#AISSCKQ[KL_Y"T1@8^-#C;9@_C1*D/#9?OXGE9P$;MD'H5G%MU)=O%)=W0#;;?DR\9-VB@05S2W;WG,6KOW?V$?T-S;1G9,];HC9XWM?*%^A%O@%_4NG/[5H9[J;=WJM9[R*]_RZR\)N][K>?F4.;_S/WZS7=JU@?F4M3[?:6G[5K9`[^W-S??^_7\+*'N[1[O@UZWAW[8:UEC@1*%:1EVM70/Q#S7^\1U?UO-BX26?BB_?^9\?^ND*ND"(SWGYID_\M6M:^Z&:]&7[VHORME3?AQ3*]V/55]8U]WDV^V`.F_,35%NI^3C=7Z''?IX6=TH?;TPE6=C66_S%6M4"$6(.;,\460X!Q6R`;$/($.*'$FRMI,F3*%.J7,FRI$#=U4.;E&:XS29U`(@R9(%88PL"ZMMIDD!]+A*W>H6KYP5Z^%TN2K$'Z9``W%CJWC'FY%VOC.>$W'?*XF&3`#$`'1"MC5SC9IG7R>TO?Z@$`"6B2@Y@'2!V,P&`)ZT!!0%_+G1[!`!E5=K?NE62(J,%MVE%!.]&A)O"IH+-!:E6W6H^6U&>HXR1'M#R!C"6*DQM;`(X4E(H$8T!B_`-#P*5>K04YR69(%=6`0)"&(HTI`S^R]I`SV)QL5O,;IRZ0%9`"@AG9U=IL(5>!V-VSBOSQ9/,6(")!%0$`284U6,I`DA99VCU#2UY3GE6!%'-4N0=E&NE66#E#F\M)4BZM@83"EP35EL#E@M*$P//0X>(9KI!2=@62^J2A^U1@_6DUM(`HT04!4,:"0!#.!V:F`.W0EBAF>V\>(%+A58OB=-9JB0;0\W*@$WMBC4H8(MZ"`,PL"38U01_`,TF8:D%#%I[L.DROFDH,DZ!`8`1:2@67=/Q2%.9!+2DO,[Y-\FH2"4"J%6./M]]QO//KBMD*"M!_4G24^J.T&>B#7R+M[)#D0KU]9X&)?.^;^\6,JO!?`G%G`M306TWE^\5P">EZ][#"J`_C!XG>^;!K^[L8"KG)GV=07Y'8U(=44,D$#.90#*M`!WM.6!"X,>4``;$5,`!$,D*+`1M5-_;Q$!Y=$4K?(0&]!E!F%ZO%18+7(-AM^=9KY)Q\;9=R7(/B?S0M&=IT=$WM%9;)R`P$C097[`EKV123R*%)H,Q#=`;U[.=5HB@Z-49W$H17>A"N/$2M?,3DM80;&W%4_S.C\&!^&'>3AM,O$Z$:=/(1]MLI*2@K@0]49JH13M04I%BA0Z1H1D9),F3@DC"43:SK"`-AN)AA942P$6T`+$B9]SA.]1.'^7!:"3BJE8@/U0@[DX1B!`.%N'@O^7`R+^N'3*PRV6(O["M,\EXF&)6XC^6(MHBB]`(`R'VS"#-BQ>?0AWK`E*Y(@OZ;38\"8]A)@ML\9*AMPI;\[,8BDB`HX3([;2]QBQCDYA1@$L`"A(A##LUV9LD7RA`C!2F9\25"KBMJ8B9XAKC0E&WXJZP>$86E'7J^(#O>'7@ZF1,].PP@J*H0CGH"SY*JQ`K8PI@M0Z0H0K=T*2),@`-4X$4+RT64ZT.F8"CN!KNPHK/4#SVZS1^U8K4VF4I68%*GMD9Y7H/"(T.2RVERF,K"L.:P46^I[=%RL(+9)EY+)@MF7*,670N>'5.:KM60J,ZRQO!PTS^H8(W9D,_M6N^@*:]MAEIHNGW;@D!]=!IM,J,:'B!,LL`U%,!-4?0!0N9-_:*G=4@!-KEBQL,E%>`!KBV:EP*N2(M)0E-GM]%#@^E0/D\Q#8BXYX+(5'\!0D^@!!N2GY>0!NMHB"`T*EJ*?1V2GD290V69`MQ)IM++FHCSHJZ+,F6*..;@4`'DD/Y;HB$+HP?FZL0QHJPJIN`"JHF:)/?9-BMPOH+`U10C=J'V@8\TAI":?JDB[F![5B>12Y_*KQ%D@S=!$PW(.Y6($;A$3MG1$[LN!64".EM:HI^,FJYF(&(`!%D4G3*F)#["^2/FQ)0T0CU-$!&HM,-&&$+1Q`$ZX%3ZSAV(`"/6'"`;K:F(X;W@`.M)O`$FAQ`!=1J1:3[+*O;-K`;*D*SCA0"Q[H[K\\B`AV7`$&EL4,R4YY60E^J4S8[TMANC@8>DNG(F@"Q0"OXHAVH.PO@$M)F*TS"S6M@0(RR@TA+``ZG.H[K1E"M\HZA&BHMV@'L>RC^9S"0:O*Q8PFJU@4\>"%K>NK8NUL"1,8)$ZQC/WO2C[[UM&-]MZDH_.]J__G:XB]WJ94IW5_O3QZYUMYM=\%J'N]=18(-BA3/HMCG]\8;@@K9%#40J=$`$B:K$(!;@S#(^D@=;X00/ILN:53L)6D_BA/8?*!A50MBG%G'+J$*>WZ"D]H$^3]$J=#1IT0>=&')KK1#6:(@1&J8`0Q]"`&,3"#&8]@M!C&8,0EB)!\%.4`!,T@M`'1M&M9OQ9'1LF@#9BYCJNXD'Z'M*1X@LNX"TVX&-RXSA6W2WN8F/B(CF*9E]:Y@O*M)5":Y14HP`)PGBQ@(C1LP"'=(ESJ'RG>Y?@]Y"VFXF>ZY32.G]4II$4VGD8^MIZ2]P(0I`QQ`B3L$F.C5$%))R[Z8PQ-X(3R46O-(0(IUA@S^X(!6>0;TJ%YHMI%4310,$$,]-P@$J@MQ2&JQHI7#LQ-9Z35&6">(2Q";::`+41+E\@+V30/IG(/`2C#*46#V,`#IK*`M`\!L%,C^0&>$P84Y2;P`#CRX@RRTJ@6Z'V:V(R!8(/E]:(D"(Q02Y8ZB@H80J$02AT0E/%MT-O(2UF5#ZV!S3UE06B=7N@1/IEM*0IS*39P9-;@LT1@99T>:XM7;1ENJ;^*PK&O%S2/,V+[A'^JG@G4+Y`Y(`/MY)L/^,`6A/\C5`5.6((J>!;[5\7ZN[_[S\3[JT(WL'_]NW_X6T)1D'_CA']5MA#]`;%%ERA5`@6&,VTP@J'M*'C`[KB9X(05"!^P,$0_!`"N'Q*)-0E::@#0^MKM81O;U2C)FGJHQ%,5N%-$R*(35Z`J[[RY!&6\3!=?-0TCSIB3R-D.G(1AFQ]UK5V^9F-[/A7E]K=)%,-0$*M'\7Y(\1D(/M1G^Z.?HHDQ(X'D8CDL_A'Z\ONC`OQV/\)WY%4$6V&'[OC&)]/M?D`>).Z;)WSG)3]YT4^>+J,W_>=M+7G.>U[UIW?]ZV$/B$?^'%[PL3=]Y@-OM^\G7/O2RYKWN4S]ZP??^](]P,^6A[G?E+Y_YKV.4-0F1`%IGY69ZT`,QB,$(M,71C%),8Q2@>P8QMC,(2S$C#]TNQ#6)T@QG)*,4HV,^,4?SQ!+1&`0H`86,;MYP`=>F@!'?O/QAI&U@B!T&[M!7*-`*7O!7(`$!@AUQ+P`&^MUB"P`:UIUO2`MCK("GO0O`SG0`^E"^B(P`0I0UA"PU@CM!51PUB3PUA*PUN+,!',`\1J0$'(@MUQ"0`&^-`%40`F7-`DF0!5FP`(.0UG0P`1*@8=`A2_0@`?3A!M(4M'7`LR]*:7)(=K?)FS.JWS$]7QM.G\Q.[6S'=%!`1!!#"[@"O@/FQ3`&.H2."/1')\Q&KE3&F$M$.X,'M!P,NWSM/NT1$-"A]&PM`@E!#)BAQJPO0&N,&-J/&9AA0/6OQ@`T00GTS[:A&R"0$.",M"R@TUB@O0W%M0SFT0S?40CTT1*^0`*\00PE!'WQP21RO/T6T15WT15GT16'4M!64T1`DPUC`TUF"-1"GT\&@T`6-M0D>T1BGT$HSA2(W!^O!S29ET^30AFXQ!M!#8`':8A$*I4@>[LSO@,'5K`P`+^84OET\"R],Z^5$S)U$L-;!K4=$VM=$W9M]$W5M$VM=$[3M$K;-$[1-$ZKU$W9]$[=M$[Y=$__U$_W%$WE]$_ME$[G%%$+M-4_]E$X354_M5%(7E4\-E5(O`4^-H1):P!@6M1*B%!'082335%$7]5'Q%%+;ME$NS=!(>LTEA-5;O31,\M0&0,A`>1AS$H1)R=5?]S%=U55=Y=5=YM5B-M5B)MM5>#E5B!-5F!]5B1U5ESM5>G%5J-]5FG55@?)EN/=5F'=5F;=5N5-5K%]5F3ME5R=55NM]5I]=5BK%5F[-5O%X0$>8!HN(%?UP1A:P%CUP!&0`3^6J!VYM5@+Z"I`N%>P558SW57M416+?9B58U6)$W>97W$_7!FBI!SIH7'03-,CTWM%PS!#%JW!7PU84O6:3E5'XKU$H!W?,7@2-(W9&(O+81-"(`0VH0,0I1_&(0388!."H8WYN(_]&%:9`8X++QPVH10TX0[FMX`3,8!/RX(\=^9$A>0TU(1O,8"OR8!.V(0(R@!DB`!;&(0XB.91%>92G[A[8MH`-*@"O,@`WR()5)^95A.98W;!3F8!-&H2L*X0["`19DN9=]^9>C:1388`Y(MX"M*X`C8H!N`>9F9N9D3IAOF(!Q.@"N8H0'2.`+Z81-XV9FYN9N]F35*H`/8MH!\JH`GB(`/NX8Z9X1Y"8`Z4^9OA.9[EF2S,8!SR>!PV81SN(0(D81/8((\KM8)X%>J!,YWD4&N`;$!JAISD"JB$>^B$6"#JB)7JB*;JB+?JB,3JC-7JC.;JCM/?JC03JD17JD2;JD3?JD43JE57JE6;JE7?JE83JF97JF!3H@```A_AI3;V9T8=V%R93H@36ECM:MP61D9+N[N\K)Q[2SMLX.#@SQCB0`.;J!`;QM#?DR/R3YQJMN[.00R99.5J`4?%%F))VYQB1]\9"5XV02"QMCA7D(P?X:'D4>$!5%KMFB`),=>FX$,J'#4@0F,;^$&F6.!"D:9J#MB4C-R5-W%9U6MP5E`)Z,.7Y(EIV`:0A($$WI-XHO29D$08,\M@6!Q$92^1#$ML`_00`Y^0'(DIP[D``FW0`]4R!;^Z!!LR4O1H)9N&5D@0(G0,N;`)IX9DLR:IC$&2>KU"R:\I#(K2IMV'`MC[+^"=,0J:!JEQ\Z$'9GCVHULWJ6CD&TLT&4$*X7`#;`LSF+JZE*M&L*M#$^PF00!>('`F"4[9+V'C[U%7K.IK"P$D2D:`+.T>`IY?CNK7@!YA%';H=L7M9Y%:CZ`UD:`U!)IP",Y)#U3JD=CP!(_R*/T@B6VZ!=Q0LJ_PI?:'IN$P5SI9M";HVK\;)4U&)$,JGA#L[">V`!%159.36M3P+MG,GN&95"8U&B%;W?6G'L[E%M?HKPN3U[J$IYA_:)$*%@"6:0"9>&2!Z+(:#F`K$,L0".%`GT?89#JU;'C`M!RE;J@T1LQTZJO7%8T-`!.M*K]7Y$'9X$+?:=J-W:UZ6"@/^,'T\A;2Y\%#VW8.\;P&$;T#APD0L7``?!`U&'&4CP$5)>,$.V075R]P$=E$&7^8%NIU8,G>J0LM]=1:!0_KEL1AI5E@!0\KR&BH)1!EL%LI2@^,%1N_``_8("O/@%FSE`M'^-M;MX`VHRFC3)509B/D!ACN'T$.5=M.2E\&-7'>7^LY4+I0"[\Y/F]R'@`9XBY>P4^'/E)`A#BA!!"0@"@E,/B[0P0&+'(C0-!!BD.-,*P$[X,@D&YID)AUIMU.%1MNH4HK8=A=`@"B!`$((C#4#D"/"(VQH7XH%B''[V-5"-0-=+R6YSXM@);-=LGUS8?JJG`2@`Y6=8K-#H(#-^E4.-]$!%:IP2O9AE$\;I2(D0=K$'0'`?,+1@EFG^E?"3,9`!&G*9CP)M&!C2E&0V'2DJVYK3[F#1)W8%70D.JY%))=6ZU\5N=AVI,`_Q$IG3*MQ^-*,7M!P2/8>`92)1F"`"]E*^F815,>[3"0CG8R"X4F23%3E9*2R6!D`0QS4R\E14=M#-!R`!A71_&U!(M,@H,B0]$E8QN%`A?D)@8NB&E.\!Q'4.!-47FDXZQML%H,P>-W=52"$QRS(,-594@J0Y'^%;9#W;5>VP*7M33/#8((\M^"`4TP`CJA"EW.1TP'*3F'&1Q1#6YK1_"JG,[*9UP214*J:!U6Z8Q3SF$"+%M+JV3R_N010-$G00(!V"3Q!YJ%F^)MY4F,A.(1-6+5L1X]'9Q/"FO;RD".!+G>\:"PK`$CM(^.W#+(F/Q=9QP`4XITM;GM_O'OAW_\29(WZ;"F_JNY_VK^TC7\_X4U/KB))5"-94$!_.,_UM@_`^R_*CA`M#ON__NN:_'M`'U"R!/R_*"G`_ZM`!M1`"_0!![2_^Y..`\R_#3S`!QS!%!Q!M"BQ!$O0_%E3`#ZP"#2Q!#YQ`"31`_JO`$ZS`&%S!"$Q$B4Q$FDQ$JTQ$O$Q$RDQ+>KPT[TQ$\$Q5`4MQ5$DQ5(TQ5-$Q514Q55DQ59TQ5>$Q5B4Q5FDQ5JTQ5O$Q5S4Q5WDQ5[TQ5\$MQF`4QF$DQF(TQF-$QF14QF5DQF9TQF>$QFB4QFFDQFJTQFO$QFS4QFWDQF[TMQF\$QW`4QW$DQW(TQW-$QW14QW5DQW9TQW>$QWA41RI(`JDJ@7LL`4[\B0Y(M`CF4"*G^2@(A\I!Z3`)]A!2EHH%`'#=Y9,B&;#Q^@D!=,B1)$GMN@DML("43$F/Q(KD.@BMB)%?*R6-$#R'>"A:M^@DY.(D`H8(#F(R=*\F@?(@#H`&55$F!E>ML``R*0B6U,84>X@.D($8B(*W\`&U8@2P7*D#B`$?J*1[.IV0@"8MF(S^880DMB(&64B73D1&5N@"TU!KV0P%>X(48V$BM``*GJ1:!5,L8*$B_Q)L2B($.D0.ZM/*:QY(@H,$OWH,NZG*(,0`&_0,N#N@`4F")>4"NA_,5Q$@G^]U.*IJB,NX!(MC5A*I6"KVI`;N^@W[N%&KB2,??D((4H@9S`1=[E(VV++IW0MTZ`!_B&(EA&)MW/@CXDP(0#JHEEB"6S.(,[D1SL@`O&DGD?`Z``,/?B*T9*DM1B//(4JBV`&=ML'&).5$L9*LYT\S%D(`"@I0J`%**E@@9QJ"(0")--M%*I6"C(4HKB\B2;[P)M9S@!'3B!%MNV$N@`A>`NO%30))B$?MG+#6%+)@$`?Z&(*%#.PK&`#HB2"Z@"MXCF`[B@IM3H)(B.>)4@MQDBF+;&9#B">EUD6JJP3+>B`96$(O`R59@JB^W$`MRZ.(J?^LJO9W=&++&$KM(=+/KSU8L>6#DV!:L]W%D)"!"$16=P4,=FH)$LLD+S=U&-4$U(#!1XOE1V*T"C8B!*J"9AHBO4749H.V024L"M[U4>K0(.9SL=7JB"X+(+X0CLRZM2J5[-N[?HU;-=RTE#X85#BQ-P#650@X9M$H0]NM6#ALB-LA0E6V2/AC1%C&`("T,SN,`%VS(S^'Q,0D"+NT`.GM2(`=NV@,`46P(S7TBP#LF!=@#M,AO=C@)W/!D3#ZYXAU"$D$!!"0(W+0DUOLM(!;W$H%>$`.*`-!C&".XA1(,X*10Y``"/1F'`0S3A'7)R"GM8)`)E2$">3%#MKWL)XG]$H$$8&,`%.S0`,_B0BR`BQDGTF("3:B&"4PB('81]$1NHI)I;;%%+MFPE3-P#0@+1Y1A#+5(DS0#"G.9[@;1CZB4N/1@0ZM).M@MQ/*F'?Y)'1\8'(D24(,,(D7NNNZZP''2=L0\J:M^4DJJQ-,44.+':?/(Y^1.MJPB%"D`&RJPW^%1*\ZR;#*@`O=(@YM3/J"`0],Q++=E)TE03!N+$*JFL,`X@EP0@Y62@@MF0@4,)&(@Z6:@>Y:BYIY-7+>V@XT),(J[QFGN.0M02A[?N&)Q$6=]M3@K20("BKHT"8RG=I59H=HP,'HBP\=JBWA_4LQ9O?M`E8D/^*P*IZ'*,XBF:MJ8"`!R!`R+!HCG$I(`VCNGN@[L4+#/!1DBY-)S`#,TB"WO9M.AB#6WAI\27DMA9[I5N2ZLQ.(N4"`^0!0/,,7"(C7Q[U@B%AN"T"`;DN(I#:O($)=@?@T!,"?M(L>0&WKM95.4'Q%>A:GKK%-OYF9!:AV(#(@/UP';ZT8`ZXA1K37L1$52_N:8GP!O]E8VM?(:6CW(,ZQ.)#^AK`%'O3WLH63+HL_GLP/NGD4K4^7H,=ID`@+1?P76:UJZ\MUYYQ9=JHA2#`O,'MWH1I:[&(*"G^-H3XMJ0(V21NYB[R#0#_/!1`AD/'JD9K"Q\0`.X!B0-G\B_[+JJ(#P4@MC5BZF,#H84.ZV4M:-B45+"@+9MK,-)OQJ@J(6&,*JTJTZ*9(\\+HBAI*=:9\XP*+^QVUNJDV8@1M)O6"3PJ^18`_C_005W5H7B(BA[2-&)1WU63K\^RU8I)FN;7\%IR=B-4-I8LJM8>UWJPB.>:O;4!-DE^TN>K0VA7;=E'8C\6&N"SFO-1%DO@C*0[OVMX!\3:1:'\XX$W>Y/?KN\;9^?0EN*$#FL90PF,;N8F@CB&`$"3(K`\WVZB.:#_^;`,R[^CUEQA[MA?C\!C7Y=U[FM^*?S!GS=]-D*/&26$UU`*"?59=[.M))O*C>&;-YMB&D]O%4M[_F2G\(VHB=]ELA2-?&["2:0OP>GRB-.)16;FR\L`+;$`2Q^ZJ\]-J[WLM:0\^=S*RL29)*1R!-VM`GDG:9O$%C'`(ZW.'*M01\K2(JF?#4'?_S!BEV@`_MSZD?*00(,6(`C$!1I`BR%``66LAPL(C"#T7.%!D`(,7#4!867H3P\*"#A3X^MDBP"8>/"$14>ND,`X$')AQD4+D0@8&(1%PM#'60W`Q_N>%V)+FJ8'TE]`:#DM502*F.)!$(XDY$

(B?=DU^U%THU?$W)G1MNODFG''*.2>===IYIW(MB89GM3.XD@,Q/D/$Y**&%&DIH`J'4A8"$ASKZ**212CHII94N=\9/M!T*`4G.(>DF(ZXBZ@:X603IWMPPH.>^^XQQ5?^^9$X*SZ1.Z\&I!2C"#K/(%``VPYDO4``!ETQFF``8R4`$XU#C?41F!W!':&CI$HE0MQ"(8*8(\7]*"!+E%`3!(`,X$(#%_'B1JGAH=02O$C@0H1I"AH0V%$``!%$0-M`)A99\[0NAD^=A,HZB')5'G*#G?(4V\4XBD*8&,U%+C@)P.`SU(!H+=[9L`=M6[T(10*+`!^XXP.[*MJAI>ZC(!`;A#G$?QJVHL.CGGN@.Z!]'-`%"0`(5,@&(X>P`*K`23=0X@`>P#M0#!)HM$/?$``=--K8&'"#GD>`#/^4:N9Q,1J&U^>H2DI%2J"#R71F:4``U,;MBTA%I!2FS"6L!L%E$6QKH8/H)'!%AEP[VM$/\JX!%CS@8GMCQ(MU7YUD+7FR`=_-5*Z-D!`9'K:=>HM3&!]:V!]%)B>_0JO*(!YE)EJX02&1=KCL``":,JH[5E"-9>C%4.!-NC/#?E7EA+J1@'TN0@!1,-%MUU"@&)8YR`"&%QX3FF!MI''#!GRT`3/98`05,`$!.$`!;\509-JP@%T&10$VMV>F!G"F!!X[V`B.*)X&NN2$,NQ@O.W%1.1LX'A*'D(TA9`!>,%P;@SY%G6)HMP!TFW(\"W/*FSFRIBN4I0"NQ\T+)U-(F]SO,"[4QCJ$\D#(]/)`GB3,;#UAHM-S',I23^6#FS*$H%EBYXY$!$X[R;1-L$`]"`MHMQPD6#&_"45^`SX)N..!IS%`B3YG#MFTI2RT`>AH!XY0K#@[U&3ZRT*M@,Z$"9W4CLXX92&@XF#,TY#?OT7.X"W@/1@D-X@3%LH$@W^9,51H!!F5:H;I1-MN7;:[)0%QAW.1I5!>9Y6)*:I9M^99Q.9=U>9=YN9=YF8\YN23+!A2B`&HQ"L?#:)CXSM_&_E+R5>#W1R:KX;O479RUU:&?LH*4*O_UFQ#]X^MNHM`H,J07)3D5M0E`((`9`DB0`[C(4L-'@!;$12\?^%1-2;"%*;=KN[)9Y]^_@EHH(!1,)Z@AAZ*:***M+LIHHXX^"FFDDDYJZ)B47HIIIIINRFFGGGX*:JBBCDIJJ::>BFJJJJ[*:JNNMO@IKK++.2FNMMMZ*:ZZZ[LIKK[[^"FRPP@Y+;+'&'HMLLLHNRVRSSCX+;;32M3DMMM=9>BVVVVF[+;;?>?@MNN.*.2VZYYIZ+;KKJKLMNN^Z^"V^\\LY+;[WVMWHMOOOKNRV^__OX+>BBC^Y?!B/`LVDVM`\!$>NNN#ZQ-!J!\A^D&`WCX>NZZYRO)@)M+2DP)'/R^>_'&OTLBZ)/V+M"?MQ(BUN0UB$3-0-I)$WJ4K%H6RP=!(;"27>4S8M*^L++&`B\1]98C!*)6^9%^6D7C5Z2RH!F;I!#`HPM`K;V1HK&=SCF$!9E`M9C,"'E(-I``>=E>GA13J/Q)(,$'4Y:AA('3LH9$E$U2XF=>AL"T7+D1&-QM6I"Q>F%R:#]1NI#8EQ"?^;!LIKCJ@L%J[40&R.H4"'%`"=F03>15)M'#`31;=.DC96OZJL[MA7)985PM0:MA:-T)D7&NRAN>2.'E!@Q>0!#)4T_/P6K)F0U7+BDOAUK1RBGM$E]/&M?S&&2_%\DJ0GM^]4*O&V9_%U$/0$/?[!\B"1*K]E'^E?43Y/8QM/=[M8?3EQ9EX@?9[T3UV/_384Q?&`40T%?')9T-:K?;$\$`7I/7&H?!L]?5W;R26M(1:FOK1Q#=9M5/0`$D`4FEF0UB"I@(+)60J&(>"0E6/MQ`B4+"!I)H>D#08@="/$1$AWQ*HFA&@7`(6=*BL!B@#MMJ\S1VHH\K4XRL(^A&+=H?%&GNC55[TNI+!0`L.%>MBK&@]4+.IFGZHN'*`IM>@JU2IWP1/*:(BR5._*-A+)%EF(U'G[B>3HFL^LP(LP\.OX$,:(O[3)Z:LD?MF`JTV^B-!*(OKZC4F=`ZZMWJ1\RHE/+AWGR*^DDT]NA/MQ1\ONB92E!JWM*PM$D(:H;%8,L`7+Q*U*@`+#J.J#,MA1@9++KAV^\)09\F4TC,A30EN@'"@0,%?1PLZ.,/@`P#)/H8@-"-01\(`(3UMN>@!PL6)&>((`S`B!8`^.@#X^WB@3QR2+/XY\'#Q'X`(?4*DB#"RQ,@%!&4^MZ..!4I\',DK^^ZB#!,R-(3[TP>`A#H`'&2#$R7"@`(!_,@LH[1,A0Y\/W;I*M9>$!P]@0*OLL@*G`Z8-_#P"P\*>C9`D2$KN)_3"@STS!,K0^D)J";Q\%E$3^MB\.`1,(X)0O(\/;!9'_3]4YEBUA4TP$?_'-#^#K2-A9HB9,BDAR_M]AM"D(#^'X`7:8G?Z/>FDODPN?C_=_GX-_CJ+B;EIW1(05`>"?"2/V"@:M,OB&CSJ@'QRF:!V[3@84$!J1W,L`?AG(SK!T@`_8E!)#,X"5AJ;3W:2.EH")64\?VM4+Z.#!'^I*$3T$+@_2-Q51/!Z*/&\/'[J3.NG@`A!P*?Z"$/%,^"(B4)88`-#,@`/H&878',5Z04V8"O1WU4`.-G=[O7>M[P7?\(6(1@RF?^A(H("I(!^N6)9Q*&'C6QM?^#>LW/>T>+?8`I@7BQ@[?M?[;-2#AW@HL!?5_D'(SVQ`Z[^7_'T7X@XX`)8MX*:@8`2-X%$]8-^5X(/H8(CQ!^L]COF1J`"U+Q;F7V$XW^X-CK^""&O:Q8M.9";`%LL$PIN^16%^`=?,0Z5"4R7S`^X*90E>PR'(,J,'`U$1A'](J1M30C5=(@(0&9W5)54QK+DBDS7]),?G(AJ[ES308X@H:86D2TM8&2X'`U(+I=)5F:Z4!`$T0Z;YLQOWERA6.?>BQ#A28W"D)G5\)W-)0@2V,^!MF&4(:&C^]'"+N.BVST`L*G$M&9@90AF(QJ":IPP.W1.V/\FNH]:YE3`0WWB2MY802E?"7F@5J[0O'WL@.]AP(U-A/7PP-AY;J=LPI"YF/W!`(P4#L'L'%('*AM